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Ethereum Price Forecast: ETH/USD At Risk Of Further Losses





Ether’s price is at risk of further declines against the US dollar. ETH/USD must stay above the $520.00-540.00 support to start a fresh upward recovery.

Key Highlights

Ether’s price is struggling to correct higher above $600.00-610.00 against the US dollar.
There was an important break below a bullish trendline with support at $580.00 on the daily chart of ETH/USD.
ETH/BTC is currently trading in a range around the 0.0800BTC pivot level.

Technically, the daily chart indicators have moved in the bearish territory with negative signs.

Ether Price Analysis

This past week, ETH/USD started a major bearish wave and declined below a few important support levels such as $680.00, $650.00, and $600.00. It tested a key support area near $550.00 and is currently consolidating losses.

On the other hand, there were gains noted in ETH/BTC, but the pair failed to hold the bullish bias above 0.0800BTC. It corrected lower and is currently trading in a range around the 0.0800BTC pivot level.

Ethereum Price Analysis ETH/USD

Let’s start with the daily chart of ETH/USD to understand the last slide from the $833.91 high. The pair consolidated around the $700.00 pivot level for a few days before clearing a bullish trendline with support at $680.00.

It opened the doors for a sharp downward move and the price broke the $650.00 and $600.00 support levels. More importantly, there was a break below the 50 Fibonacci retracement level of the last wave from the $359.33 low to $833.91 high at $590.00.

The price tested a crucial support region at $520.00-540.00, which is also the 61.8 Fibonacci retracement level of the last wave from the $359.33 low to $833.91 high. Should Ether fail to stay above this, there could be more declines toward $400.00.

Ether Price Analysis Weekly Chart

Dropping down to the 2-hour chart of ETH/USD, the pair recently recovered above a key bearish trendline with resistance at $590.00. However, Ether buyers failed to gain momentum above $600.00-610.00.

As a result, Ether’s price moved down and broke a connecting bullish trendline support at $590.00. Overall, the current price action indicates ranging moves below $600.00 with a slight bearish angle.

To initiate a fresh upward move, ETH/USD must close above $600.00 and $610.00. On the downside, the $540.00 and $520.00 support levels hold the key for the next move.

Weekly Resistance Levels

$600.00 and $610.00

Weekly Support Levels

$540.00 and $520.00

Daily RSI

The RSI is now well below the 40 level.

Daily MACD

The MACD is showing negative signs in the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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